Sunday, May 28, 2023
English News
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
    • Rewind
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
  • Rewind
Home | Tech | Dogecoin Crypto Investor Sues Elon Musk For 258 Billion In Us

Dogecoin crypto investor sues Elon Musk for $258 billion in US

San Francisco: As millions of investors lose their hard-earned money in the global crypto meltdown, an American Dogecoin cryptocurrency investor has sued Elon Musk, Tesla and SpaceX for $258 billion for allegedly operating an illegal racketeering enterprise to inflate the price of Dogecoin. Called ;Dogefather’, Musk has long been a vocal proponent of Dogecoin and tweeted […]

By IANS
Published Date - 02:55 PM, Fri - 17 June 22
Dogecoin crypto investor sues Elon Musk for $258 billion in US
Dogecoin.
whatsapp facebook twitter telegram

San Francisco: As millions of investors lose their hard-earned money in the global crypto meltdown, an American Dogecoin cryptocurrency investor has sued Elon Musk, Tesla and SpaceX for $258 billion for allegedly operating an illegal racketeering enterprise to inflate the price of Dogecoin.

Called ;Dogefather’, Musk has long been a vocal proponent of Dogecoin and tweeted several times in the past to help spike the price of the digital token.

A class-action lawsuit has been filed in a federal court in Manhattan, and the Dogecoin investor called for triple the damages of $86 billion, which is how much the plaintiff alleges has been lost by Dogecoin investors since Musk started tweeting about it, reports TechCrunch.

Currently, Dogecoin cryptocurrency has tumbled from its high of nearly $0.74 to just over $0.05 in recent days.

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” the plaintiff Keith Johnson said in the complaint.

“Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class have lost approximately $86 billion in this Crypto Pyramid Scheme,” he added.

Musk was yet to react to the class-action lawsuit.

Earlier this year, Musk announced that the company’s supercharging stations will accept cryptocurrency Dogecoin as payment.

“Of course, you can pay in Doge (sic),” said Musk in response to a tweet.

Tesla does accept Doge in its online store and there have been rumours of Tesla eventually accepting the crypto as a form of payment for its vehicles.

In a recent interview, Musk endorsed Dogecoin over any other crypto coin.

“The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency,” he said.

Musk has confirmed that he has a significant personal investment into Bitcoin on top of Tesla’s investment and he has smaller Ethereum and Dogecoin holdings.

  • Follow Us :
  • Tags
  • Dogecoin crypto
  • Elon Musk

Related News

  • Musk says ‘sorry’ for Twitter taking up much space on phones

    Musk says ‘sorry’ for Twitter taking up much space on phones

  • Twitter leaves EU code of practice against disinformation, regulators warn

    Twitter leaves EU code of practice against disinformation, regulators warn

  • Tesla Model Y emerges as world’s bestselling car

    Tesla Model Y emerges as world’s bestselling car

  • Neuralink receives FDA approval for first-in-human clinical study

    Neuralink receives FDA approval for first-in-human clinical study

  • Tesla will pick new factory location this year, India a contender: Musk

    Tesla will pick new factory location this year, India a contender: Musk

  • Opinion: Define ethical contours of AI

    Opinion: Define ethical contours of AI

Latest News

  • IAS Arvind Kumar inaugurates workshop on solid, plastic waste management

    26 mins ago
  • Hardik Pandya has got that midas touch to become an outstanding white-ball captain: Michael Vaughan

    27 mins ago
  • Mumbai: 32-year-old man killed in firing in Kandivali

    35 mins ago
  • Elizabeth Olsen warns future Marvel actors about franchise deals

    4 mins ago
  • Sunny Leone expresses gratitude to husband Daniel for her Cannes moment

    55 mins ago
  • Study shows kids might consider past choices when judging others

    54 mins ago
  • Wrestlers detained ahead of march to new Parliament; angry netizens call out the dichotomy

    1 hour ago
  • Opera’s Aria is the new AI tool on the block

    1 hour ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam